City Pharmacy Limited had a profit of K6.8 million before taxes. This is an 8.1% decrease from the half-year figures for 2020. Chairman Stan Joyce stated that the first half of 2021 would be another difficult year for CPL Group as it strives to generate value in an increasingly tough local economic climate. Joyce stated that the company has exerc...

Weir Minerals and Andritz have signed an agreement at MINExpo 2021 expanding their shared commitment and strategic cooperation to supply equipment for processing tailings in the mining industry. The foundations of this agreement have been built on a shared understanding and vision to enable the sustainable and efficient delivery of the natural resources e...

Photo Credit: Gartshore The unaudited net profit of Steamships Trading for the half-year ending June 2021 was K33.1 million, up 106% over the previous equivalent period, according to the company. Steamships, on the other hand, claimed in its half-year report that after adjustment for major factors, the underlying profit credited to shareholders was ...

Newcrest Mining, Papua New Guinea's largest gold miner, has posted a profit of K4.07 billion (US$1.164 billion) for the 12 months ending 30 June, a new high. Due to greater gold and copper prices as well as decreased operating costs, this is 55 per cent higher than the previous financial year. Newcrest's gold revenue increased by 9% despite somewhat...

Kina Securities Ltd's unaudited net profit for the six months ended June 30, 2021, was K39.8 million. It is a 36 per cent increase over the previous similar time. The board of directors also announced an interim dividend of AU$3 per share (K8.25). In the previous similar period, the interim dividend per share was AU$4 per share or K10 per share. ...

Hon James Marape, the Prime Minister of Papua New Guinea, received an interim dividend payment of K100 million from Kumul Petroleum Holdings Limited (KPHL) in Parliament, which was delivered by the Board Chairman Prof Benedict Yaru and the Managing Director of KPHL, Wapu Sonk. When the Prime Minister received the dividend check, he congratulated Kumul ...

Oil Search today announced a strong half year result for the period ended 30 June 2021, posting a net profit after tax (NPAT) of US$139.0m and the highest free cashflow since the 2018 PNG earthquake. The Board declared an interim dividend of US3.3 cents per share, representing a payout of 49% of NPAT, in line with Oil Search’s dividend policy. “Our hal...

For the six months ending June 30, 2021, Bank South Pacific Financial Group Ltd (BSP) reported a net profit of K449.3 million, up 17.6 percent from the same time the previous year (K381.9 million). Sir Kostas Constantinou, the group's chairman, noted that the relaxation of pandemic-related domestic limitations, along with better liquidity levels in PNG...

Photo: Multiflo® mega barges on site in Brazil Dewatering is critical to a mine’s operations and more resources are being allocated to its optimisation. Traditionally, there’s been a tendency among some mine and quarry operations to view dewatering as something to be avoided at all costs – until it can’t be. Therefore, cost minimisation has been the pr...

Photo Credit: Oil Search Oil Search reported operating revenue of US$366.2 million (K1 billion) in the second quarter, up 21.5 percent from the first quarter (Q1). Other noteworthy features include: Oil output from operational fields increased by 4.6 per cent in the second quarter, owing to Moran's strong performance. PNG LNG output averaged...

Photo Credit: Kumul Petroleum - Prime Minister of Papua New Guinea James Marape has the honour as Trustee of Kumul Petroleum to handover, in a symbolic gesture funds to the value of K10 million to the Port Moresby General Hospital to support the completion of structural works for the Cancer Centre. Structural works for the Cancer Centre at Port Moresby...

Jerry Norton has been appointed as the acting chief executive officer for the Capital Insurance Group of companies, the firm announced in a statement. CIG Chairman Michael Koisen announced last week that Norton’s appointment follows the resignation of David Lee as the Group CEO. Norton was previously the CIG Group chief operating officer. The compan...

The Porgera Mine in Enga Province will continue to roll out its COVID-19 vaccination program for employees and contractors, who are currently part of the Care and Maintenance (C&M)team. When the AstraZeneca vaccine was rolled out at the mine site on the 21st May 2021, 23 volunteer employees and contractors received the jab, and to date a total of 1...

Phishing prevention has become essential as more criminals turn towards online scams to steal your personal information. Since you will likely be exposed to a phishing attack eventually, you’ll need to know the red flags.  Because scams are nothing new on the web, but phishing is harder to spot than you might think.  Across the web, phishing attacks have ...

Sexual Harassment is a problem not just for employEES but also for employERS. Did you know that there are real and significant business costs associated with Sexual Harassment? Statistics show that 1 in 5 women and 1 in 20 men experience sexual harassment in the workplace. The Business Case for Addressing Sexual Harassment In addition to the moral i...

A company that has operated in Papua New Guinea for 13 years recently announced that it has changed its name to PNG CR Services Company Limited. Previously known as the Red Sea Housing Company, it has completed 127 major projects, constructing more than 15,000 project accommodation rooms and 750 support facilities for clients such as ExxonMobil, Oil Se...